Watch the video on YouTube (english subtitle)
My role is to protect my clients from all these traps — these infamous pitfalls — to save them time and guide them directly toward the best real estate products. I always explain why certain options are relevant and why others should be avoided.
Many traps aren’t immediately apparent. They often lurk in the governance of the buildings, what we call condos here. In Miami, there are two types of units: condominiums (the equivalent of a co-ownership in French) and co-ops.
Co-ops are nothing like condos. They are generally less expensive because their governance significantly lowers their value, with much more restrictive rules. These restrictions apply to rentals, among other things.
Also, here and elsewhere, as with condominiums, and depending on the building, there may be rules requiring a minimum lease term of one year, others six months, and some simply prohibit rentals altogether. In these cases, the co-owners have chosen to live only among themselves and do not wish to accept tenants.
Of course, this information isn’t included in the photos of the listings, the address, or the asking price. And when a property seems unusually cheap, that’s often where the problem lies.
That’s precisely why my job as a Real Estate Agent is so important: identifying these pitfalls, anticipating them, and guiding my clients toward safe, sound investments that align with their goals.
